It’s About To Get Easier to Qualify For A Mortgage

Expenses are not cheap, bills add up and you want a new mortgage? It is going get a little easier to qualify for a mortgage.

Fannie Mae plans to increase its allowable debt-to-income ratio from 45% to 50% on July 29. This means that more borrowers could potentially qualify for a conventional mortgage backed by Fannie.The debt-to-income ratio is calculated by taking a potential borrower’s monthly gross income and dividing it by the borrower’s monthly bills and the new house payment.

There are several factors when it comes to getting approved for a mortagge debt-to-income is one of the main ones. The other key things to look at are: Credit score, gross income, time on the job, assets and savings, down payment, current rent or mortgage history, price of the property, taxes, home owners association dues and insurance.

For more information on getting pre approved for a mortgage contact Todd Probasco phone: 708.205.2983 email: toddprobasco@gmail.com for more information or visit www.toddprobasco.com

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